Sunday, June 10, 2012

It has always bothered me - astonished me, really - that banks and such are legally able to sell MY debt.  It seems to me - at a human level - that if I owe someone - or in this case, a company - money, then I don't owe it to anyone ELSE. 

Shouldn't this should be a paramount notion in consumer finances?  If a corporate debtor-entity no longer wants MY debt, then it can forgive me the debt - otherwise, I will continue to pay, as agreed.  To sell my debt to another entity is - again, at the human level - absurd and truly feels criminal. 

And then I remember that nowadays so much money is "made" in exactly that way, by selling and re-selling other people's obligations, from false-front securities entity to false-front securities entity, from here to the Cayman Islands.

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